The DeFi industry has experienced tremendous growth, prompting policymakers and financial watchdogs worldwide to take legal actions to regulate cryptocurrency adoption. The boom of cryptocurrencies came at the right time when the world’s economic situation has become heavily dependent on traditional banking systems, such as fractional reserve banking, that gradually depreciate the buying power of fiat currencies. Crypto assets backed by blockchain technology are now proving suitable investment vehicles to store wealth and earn passive income through capital gains. Venture capitalists and expert analysts believe the perfect crypto gems are Bitcoin Spark, Dogecoin, and Solana.
Will Dogecoin reach $1?
Dogecoin fanatics have long aspired to see their beloved crypto project skyrocket to the highly coveted $1 mark. However, judging from the facts about the cryptocurrency and its underlying blockchain functionality, this dream might remain an illusion. First, Dogecoin has an unlimited supply since miners create new DOGE assets each time they mine. Compared to other crypto projects such as Bitcoin and Bitcoin Spark with capped supplies, an unlimited supply means that DOGE is oversaturated. Dogecoin also lacks utility, yet it competes for the top spot among projects with massive use cases in the DeFi arena. The platform is mainly driven by hype and celebrity endorsements.
Bitcoin Spark’s new consensus mechanism: What is proof of process
Proof of process refers to a blockchain-based consensus mechanism that powers a new BTC fork called Bitcoin Spark. This network validation process serves the proprietary Bitcoin Spark network, a decentralized, lightweight, high-performance blockchain network, by coupling two prominent network verification processes, proof-of-work and proof-of-stake. The proof-of-process only capitalizes on these two consensus mechanisms’ adaptive and improved aspects, yielding a fast, secure, and cost-effective network for Bitcoin Spark users.
Unlike the old generation proof of work consensus mechanism found on the Bitcoin network, the adaptive proof of work consensus on the Bitcoin Spark network has a low affinity for power regarding block confirmation. The network’s lightweight feature allows miners to use handheld electric gadgets to execute the mining process regarding earnings delivered in BTCS, the native digital asset of the Bitcoin Spark network.
For this reason, the Bitcoin Spark team has developed an online mining application available on Android, iOS, Mac OS, Linux, and Windows that will go live after the Bitcoin Spark mainnet launches. This application will utilize the mining device’s Central Processing Unit (CPU) or the Graphics Processing Unit (GPU) together with the Random Access Memory (RAM) through the Contract Wolf audited Bitcoin Spark smart contract.
The application will also provide wallet services for the Bitcoin Spark community members, featuring various networks alongside the platform’s mainnet, such as Ripple, Ethereum, Solana, and BNB Smart Chain, among other blockchain ledgers, indicating the platform’s interoperability capacity. The wallet will receive two data streams from each official RPC provider due to its capacity to interact with multiple layers at the same time.
What is Solana?
Solana is a decentralized ledger founded in 2017 by Solana Labs as an open-source network. The platform hosts fast transaction speeds and a reliable network powering smart contracts. The activities of Solana are spearheaded by a nonprofit organization called Solana Foundation. The headquarters of the Solana Foundation is based in Geneva, Switzerland. The project performed impressively in the recent bull market but later suffered the crypto bloodbath at the onset of the 2022 bear market. Its involvement in the FTX debacle caused investors to flee to more promising projects. Currently, Solana whales are investing in Bitcoin Spark.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
